What is Office Insurance?
Office Insurance (sometimes called Offices and Surgeries Insurance) provides cover for the things needed to run your business from an office or surgery premises including; business contents, IT equipment, furniture, buildings insurance (if you own the property), employers liability, public liability, product liability, stock cover, business interruption and legal expenses.
You could include all, or some of these elements under one policy according to your specific needs. It provides cover for loss or damage as a result of an insured peril such as theft, fire or flooding. Accidental damage and malicious damage can be covered too.
What can Office Insurance Cover?
- Business equipment needed to actually do your job such as computers, printers, servers and phones.
- General contents, medical equipment, desks, furniture etc.
- Portable electronics/equipment such as laptops, tablets, phones, digital cameras and projectors so that they are covered whilst taken away from out of the office.
- Buildings insurance if you own the property or if you lease the property. You might require cover for any improvements you make (i.e.: tenant’s improvements for fixtures and fittings).
- Stock cover if you hold any stock on the premises.
- Employers Liability Insurance – a legal requirement if you have staff.
- Public Liability if members of the public visit your place of work and/or if you, or staff go out to see clients.
- Business interruption cover, usually based on gross profit or revenue if you couldn’t trade from your premises due to an insured claim.
- Increased cost of working cover, which allows for the additional cost of renting a similar sized building to work from if your existing building is repaired/rebuilt.
- Legal expenses in case your company has to defend itself in a commercial dispute.
- Money cover – if you hold any cash on the premises.
- Insured perils including:
- Fire, explosion, lightning, or earthquake
- Storm or flood
- Escape of water
- Riot and civil commotion
- Malicious damage
- Leakage of oil from heating systems
- Theft by forcible and violent entry/exit
- Accidental damage
What else do I need?
- Cyber Insurance: If you hold client data (paper or electronic), use emails, have a website, take online transactions.
- Professional Indemnity: If you give any advice or a professional service.
- Directors Insurance: Covers the individual and their personal assets from claims made for actual or alleged wrongful acts.
- Corporate/Company Legal Liability: Covers the business from claims made for actual or alleged wrongful acts.
- Employment Practice Liability: Covers the business against employment disputes.
Why do I need Office Insurance?
In truth, you don’t need office insurance but you probably should have it. The only element that is mandatory is Employers Liability so if you’re fortunate enough to have surplus cash to cover your worst case scenario, the time and expertise required to sort a claim, then you probably don’t need this policy. But if, like most people and businesses, you would prefer that a claim didn’t directly hit your bottom line, you could do without the stress or time needed to sort a claim – this policy is worth every penny.
What is Office Contents Insurance?
This is a policy that covers the contents and equipment at your place of work if it is lost, damaged or stolen. Think of everything you have in your office/surgery; desks, chairs, meeting room equipment, kitchen equipment, other furniture, IT equipment, computers, phones, servers, printers, medical or other specialist equipment, stationery, projectors, laptops, cameras, stock… there’s a lot when you start thinking!
If you need to take any equipment out of the office, for example a laptop, then it can be specifically included and covered in your policy while it’s away from your premises. Most businesses will include their contents under an office and surgery policy.
What security do I need on my office?
This depends on what’s inside the property, how valuable it is, the type of business you run and the nature of your premises. Different insurers will have their own minimum-security conditions. Some insurers may insist that you have a certain type of alarm or locks for example and they can make it a condition of your policy. We would always discuss such conditions with you first as there is no point having a policy where you cannot comply with the conditions.
Do I need office insurance?
To help you decide whether it’s worth having a full office and surgery policy just take a look around and add up the approximate value of all your contents; furniture, IT or medical equipment, equipment you hire, stock, the building itself and the income you could lose if you had to temporarily stop trading.
If you have enough spare cash to cover this amount in the event of a total loss, (a fire for example), then maybe you don’t need this policy. But, if you would rather it didn’t hit your bottom line, would prefer not to have the stress and time implication of sorting a claim and putting your business back together, it’s likely that this policy is worth every penny.
Types of businesses we can cover
Any businesses that work from an office or surgery premises. It’s a long list but here are some of the common businesses we insure;
- Estate agents
- Letting agents
- Financial services
- IT contractors
- Recruitment advisors
- Call centres